Save Article

Share Prices Lose Ground,
Tracking Steep Fall in U.S.

Stocks fell across the Asian-Pacific region Wednesday, following a steep decline in U.S. markets Tuesday. Only Chinese and Philippine shares bucked the trend.

In New York Tuesday, the Dow Jones Industrial Average dropped 120.28 to 10422.27, while the Nasdaq Composite Index slid 199.66, or 5.9%, to 3164.55, its lowest level since Nov. 10, 1999.

Japan's Nikkei 225 average extended its losing streak to six straight sessions, as falling U.S. share prices prompted foreign investors to lock in gains on Japanese stocks.

Buying in blue chips helped keep Hong Kong's Hang Seng index above the critical 13,800 support level, but confidence remained poor, and the index still fell 2.3% to close below 14000 for the first time this year.

South Korean shares closed mixed, with the key index down 0.7% on Wall Street's decline Tuesday.

Singapore shares dropped, led by selling in technology-related stocks. Malaysian issues fell sharply on weakness in regional markets following Tuesday's declines on Wall Street and on domestic political concerns.

Taiwan shares lost almost 2% amid continued nervousness over cross-strait relations.

World Stocks Tuesday: London Companies Are Postponing IPOs Until the Market Improves

Indonesian shares also fell as political uncertainty and falls in regional markets weighed on the main index.

Thai shares ended at a new 15-month low, in thin trade, amid declines mainly in communications stocks following the Nasdaq's fall Tuesday.

Indian shares also dropped slightly amid regional market weakness.

The Australian stock market fell with blue-chip heavyweights
News Corp
. and
Telstra
comprising a large portion of the decline.

However, Chinese shares rose sharply on across-the-board buying, spurred by several market-opening plans announced by securities regulators.

Philippine stocks also gained, on a technical recovery, but traders doubt the rebound can be sustained given a still unresolved conflict in Mindanao and worries over rising interest rates.

In dollar terms, around 7 a.m. EDT Wednesday, the Asian-Pacific sector of the Dow Jones Global Indexes lost 1.68 to 107.53 after falling 0.21 in the previous session. The Dow Jones World Stock Index dropped 1.54 to 226.01 after falling 1.89 in the previous session.

Office equipment and securities stocks led the markets, while factory equipment and wireless communication issues were among the laggards.